“…Boosting techniques have been used by economists to model exchange rates (Berge, 2014) and to forecast output (Buchen & Wohlrabe, 2011;Robinzonov, Tutz, & Hothorn, 2012) and other macroeconomic variables (Wohlrabe & Buchen, 2014). Applications of BRT algorithms can be found in the research by Mittnik et al (2015), who use BRT to model stock market volatility, and Ng (2014) and Döpke, Fritsche, and Pierdzioch (2017), who use BRT techniques to forecast recessions.…”